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Sysco Corporation (NYSE: SYY) is the global leader in selling, marketing, and distributing food products to restaurants, healthcare and educational facilities, lodging establishments, and other customers who prepare meals away from home. Alongside its extensive food product lineup, Sysco also offers equipment and supplies for the foodservice and hospitality industries.
With a workforce of more than 72,000 employees, Sysco operates 334 distribution facilities globally, serving approximately 725,000 customer locations. In fiscal year 2023, which ended on July 1, 2023, Sysco generated sales exceeding $76 billion. The company's operations are divided into several segments: U.S. foodservice operations (70% of revenue), international (18%), quick-service logistics (10%), and other segments (2%).
As the largest U.S. foodservice distributor, Sysco holds a 17% share in the fragmented $350 billion domestic market. Sysco distributes around 500,000 food and non-food products to various sectors, including restaurants (62% of fiscal 2023 revenue), education and government buildings (8%), travel and leisure (8%), healthcare facilities (7%), and other locations (15%) where meals are prepared outside the home.
Sysco has been actively engaged in recent projects and partnerships to enhance its market presence and operational efficiency. Notably, Sysco has teamed up with iFoodDS to develop a proof-of-concept project aimed at complying with the U.S. Food and Drug Administration's (FDA) Food Safety Modernization Act (FSMA) 204 Food Traceability Rule. This partnership focuses on creating a flexible, scalable, and interoperable traceability solution that ensures food safety and boosts efficiency across its supplier network.
Furthermore, Sysco has introduced new sustainability initiatives, particularly in product packaging. The company is working with suppliers to reduce plastic waste and implement eco-friendly packaging solutions. For example, Sysco's Earth Plus Brand Agave Straw is commercially compostable and reduces plastic waste significantly. Additionally, Sysco's Fresh Direct business in Great Britain has transitioned berries to FSC-certified paper packaging, eliminating over 50 tons of plastic waste annually.
Sysco's commitment to sustainability extends to its own-brand packaging, shifting from white to kraft corrugate cases, saving energy and materials while enhancing recyclability. The company also hosts sustainability summits to collaborate with suppliers on reducing environmental footprints.
In leadership news, Kevin Hourican, Sysco's President and CEO, has been appointed as Chair of the Board of Directors, succeeding Edward D. Shirley due to personal health reasons. Hourican's vision includes enhancing Sysco's Recipe for Growth strategy, aimed at driving market growth through digital transformation, supply chain optimization, and customer-focused solutions.
Sysco's comprehensive growth algorithm emphasizes sustainable growth, operational excellence, and balanced capital return. The company also launched Sysco Marketplace, a digital platform allowing third-party suppliers to sell products directly to Sysco customers, enhancing the shopping experience and supporting smaller suppliers.
For further information on Sysco's sustainability initiatives, financial performance, and strategic developments, visit Sysco's investor relations at investors.sysco.com.
Sysco (NYSE:SYY), the world's largest food distributor, announced winners of its inaugural One Planet. One Table. packaging contest. The competition aimed to find innovative, sustainable food packaging solutions to reduce plastics and environmental impact. Over 40 U.S. suppliers and packaging producers participated, with three winners selected:
1. Cargill's More Sustainable Beef Packaging: Biodegradable shrink bags made with recycled content.
2. Superior Foods International Bio Bag: Packaging made with paper and biopolymer layers.
3. PA x PulPac Dry Molded Fiber Containers: Plant fiber packaging for single-serve condiments.
These innovations align with Sysco's recently introduced packaging guidelines and sustainability efforts, as highlighted at their annual Supplier Sustainability Summit.
Sysco, a leading food distribution company, has donated $10,000 to the American Red Cross to support relief efforts following Hurricane Beryl in Houston. This donation is part of Sysco's long-standing partnership with the Red Cross, with total contributions nearing $2 million since 2001. The company's commitment aligns with its purpose of "connecting the world to share food and care for one another." As natural disasters become more frequent and severe, Sysco's support aims to help the Red Cross provide essential services to affected individuals and families.
Sysco (NYSE:SYY) announced that 23 of its Delivery Partners have been inducted into the International Foodservice Distribution Association (IFDA) 2024 Truck Driver Hall of Fame. This prestigious honor recognizes top drivers in the foodservice industry for their outstanding service and safety records. To be eligible, drivers must have at least 25 years of employment with an IFDA member company, no chargeable accidents, and no moving violations in the past five years.
The inductees, with service ranging from 26 to 39 years, will be honored at the IFDA Solutions Conference in Kansas City, Missouri, from September 22-25, 2024. Daniel Purefoy, Sysco's Chief Supply Chain Officer, praised the drivers for their dedication, safety record, and exemplary customer service, stating they embody Sysco's values and quality standards.
Sysco (NYSE:SYY), the world's largest food distributor, has announced a comprehensive plan to support the Food Traceability Rule issued by the FDA under the Food Safety Modernization Act (FSMA). Effective summer 2024, Sysco will implement advanced traceability measures to ensure food safety, quality, and transparency from farm to table. Key components of Sysco's initiative include:
- Partnering with iFoodDS for traceability solutions
- Enhancing digital tracking systems
- Collaborating with suppliers on traceability practices
- Supporting customers with accessible traceability information
- Establishing an internal task force for compliance and continuous improvement
Sysco aims to lead the industry in food safety and help its suppliers comply with the new regulations.
Sysco (NYSE:SYY) has announced upcoming webcasts of its presentations at two major conferences. The company will present at the Barclays 17th Annual Global Consumer Staples Conference on September 4, 2024, at 1:30 p.m. ET, and at the Wells Fargo 7th Annual Consumer Conference on September 18, 2024, at 8:00 a.m. PST. Both webcasts will be accessible at investors.sysco.com, with archived replays available shortly after the live events.
Sysco, the global leader in food product distribution, serves approximately 730,000 customer locations through 340 distribution facilities worldwide. For fiscal year 2024, ending June 29, 2024, Sysco reported sales exceeding $78 billion. The company employs over 76,000 colleagues and emphasizes sustainability and diversity in its operations.
Sysco (NYSE:SYY), the world's largest food distributor, has announced the appointment of Roberto Marques to its Board of Directors, effective August 15, 2024. Kevin Hourican, Sysco's chair of the board and CEO, welcomed Marques, highlighting his extensive experience in global, consumer-focused businesses across healthcare, food, and beauty sectors.
Marques currently serves as a Board Director at Alcoa , We Mean Business Coalition, and the US Tennis Association Foundation. From 2016 to 2022, he led the expansion and transformation of Natura & Co. as Executive Chairman and Group CEO. His prior experience includes executive roles at Mondelez International and a 25-year tenure at Johnson & Johnson.
Sysco (NYSE:SYY), the global leader in food product distribution, has announced a quarterly cash dividend of $0.51 per share. This dividend will be payable on October 25, 2024, to stockholders of record as of October 4, 2024. Sysco serves approximately 730,000 customer locations worldwide through its 340 distribution facilities and 76,000 colleagues. For the fiscal year 2024, ending June 29, 2024, Sysco reported sales exceeding $78 billion. The company's product range includes food products and equipment for the foodservice and hospitality industries. Sysco emphasizes its commitment to sustainability and diversity, with recent reports available on their website.
Sysco has been recognized as one of Forbes' 2024 Best Employers for New Graduates. This prestigious accolade is based on a survey conducted by Forbes and Statista, which evaluated young professionals' opinions on various aspects of their employers. The survey covered key factors such as compensation, benefits, advancement opportunities, working conditions, flexibility, company image, and inclusion.
Sysco, the global leader in food service, emphasizes the importance of creating a workplace where employees feel valued, connected, and heard. This recognition underscores Sysco's commitment to fostering a supportive, fair, and inclusive work environment that not only attracts new talent but also invests in their career growth and retention.
Sysco (NYSE: SYY) reported its Q4 and full-year 2024 financial results, showing sales growth of 4.2% to $20.6 billion in Q4 and 3.3% to $78.8 billion for the full year. Q4 highlights include:
- U.S. Foodservice volume increased 3.5%
- Gross profit rose 4.2% to $3.8 billion
- Adjusted operating income grew 6.4% to $1.1 billion
- Adjusted EPS increased 3.7% to $1.39
For fiscal year 2024:
- Operating income increased 5.4% to $3.2 billion
- Adjusted EPS rose 7.5% to $4.31
- Cash flow from operations grew 4.2% to $3.0 billion
- The company returned $2.2 billion to shareholders via share repurchases and dividends
Sysco's CEO highlighted market share gains, strong profit growth, and robust cash flow for the year.
Sysco has launched One Planet. One Table., a collection of over 3,500 sustainably-focused products in response to growing consumer demand. This initiative, introduced in November 2023, offers items backed by leading sustainability certifications or standards, ranging from grass-fed beef to eco-friendly disposables.
Neil Russell, Sysco's SVP and Chief Administrative Officer, noted that customers are increasingly seeking sustainable products to meet their own commitments and consumer expectations. This move aligns with the growing interest in food sourcing and production methods.
The initiative aims to make it easier for Sysco's customers to find and purchase products that align with their values and meet consumer demands for sustainability.
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